I have repeatedly told people that Bitcoinica is a scam and that Bitcoinica staff should be banned from the forums.

Maybe now people will actually listen.

Bitcoinica is a regulated entity, verifiable by government records. We are one of the most legitimate businesses in Bitcoin community, by any standard.

What is it with all the anonymous/pseudonymous guys on this forum repeatedly attacking every NAMED (and easily verified) individual and company and labelling every project run by those most legitimate operators as a scam?

I am pleased to know that the Bitcoin community continues funding hackers and scammers in a big way. Bitcoin creates so much wealth for everyone of us. Last time was 45k BTC though, this time it’s only 18.5k, we’ve got to do better.

Continue using a site to get g zhoutonged and give your money to hackers to devalue your Bitcoins, please!

How does this devalue Bitcoins?

Bicycles get stolen at a massive rate, probably much a much higher percentage per year than Bitcoins. Yet this does not devalue bicycles.

It affects Bitcoin more than the USD because the amount of BTC stolen would equal a gigantic sum of USD when you compare the money supplies. Currently 18k BTC is 0.2% (ONE FIVE HUNDREDTH OF THE BITCOIN ECONOMY!) of the total Bitcoins, which would equal 2 trillion USD if you take the M2 money supply (someone correct me if my math is wrong) Oh, and don’t forget, the US Dollar is actually an established currency and does not try to recruit new users. Your analogy is faulty.

This is why. You guys completely ignore the magnitude of this, and completely ignore that Bitcoin is an unestablished currency. Being an unestablished currency, it needs a positive sum game far greater than those of established ones to ever hope to compete. Systematically allocating wealth from wealth creators to wealth destroyers as is being done in the Bitcoin world is unsustainable if Bitcoin is to have any value, since it represents a negative sum game in which wealth is continuosly destroyed.

This is why. You guys completely ignore the magnitude of this, and completely ignore that Bitcoin is an unestablished currency. Being an unestablished currency, it needs a positive sum game far greater than those of established ones to ever hope to compete. Systematically allocating wealth from wealth creators to wealth destroyers as is being done in the Bitcoin world is unsustainable if Bitcoin is to have any value, since it represents a negative sum game in which wealth is continuosly destroyed.

Relax. It is geek currency, hackers are geeks. So they get their share one way or another. In long run it is utterly immaterial for Bitcoin how initial distribution/emission of money is done and who are "early adopters". Actually, the quicker "early adopter" lion share of Bitcoin is diluted, the better.

Or he just got a copy of all of the Bitcoinica's deposit addresses private keys and he's sweeping the funds to his wallet as soon as they arrive. If you notice, those transactions inputs are all from recent transactions

Or he just got a copy of all of the Bitcoinica's deposit addresses private keys and he's sweeping the funds to his wallet as soon as they arrive. If you notice, those transactions inputs are all from recent transactions

Or maybe this is NSA guys, who have access to all those emails, are messing with you.

LULz. Now seriously, it wouldn't be the first time there's a password leakage in hotmail or some other major email provider. Lots of people keep passwords there or... even allow password recovery from critical services to their email.

It affects Bitcoin more than the USD because the amount of BTC stolen would equal a gigantic sum of USD when you compare the money supplies. Currently 18k BTC is 0.2% (ONE FIVE HUNDREDTH OF THE BITCOIN ECONOMY!) of the total Bitcoins, which would equal 2 trillion USD if you take the M2 money supply (someone correct me if my math is wrong) Oh, and don’t forget, the US Dollar is actually an established currency and does not try to recruit new users. Your analogy is faulty.

Systematically allocating wealth from wealth creators to wealth destroyers as is being done in the Bitcoin world is unsustainable if Bitcoin is to have any value, since it represents a negative sum game in which wealth is continuosly destroyed.

No wealth is being destroyed here.. it's just being transferred without authorization of the owner. Also, apparently plane fulls of 6 billion DOLLARS go missing everytime we invade a country (without authorization) and it doesn't devalue the dollar. Oh wait, yes it does.

So, you are still not in control of Bitcoinica?Then, tell us, who are the decision makers that will decide if customers get reimbursed, as Zhou Tong already pointed out that it would not be his decision but from someone else?

Interesting. I didn't know the organizational structure of Bitcoinica changed recently. If I were in charge, I would still reimburse the dude.

Same here. I think reimbursing is the right way to go, even if we are shutting down the business at a huge loss.